The use of proceeds is dominated by refinancing activities, capex, and other corporate expenses. M&A and LBO activity is still subdued.

Source: Fitch (click to enlarge)

The overall market is now around $1.1 trillion dollars.

Source: Fitch (click to enlarge)

A pause in growth should be expected as the Eurozone mess flares up. With rates at historical lows however, demand will continue to stay strong. New issuance will likely clear the market at somewhat more reasonable spreads than the frothy transactions we've had recently.